It is reported that the first transitional funds of Evergrande Automobile’s Middle East strategic investment have been received today, with the total amount of the three transactions being 600 million yuan.

According to a report from Cailianshe App, the first transitional funds from the latest strategic investors introduced by Evergrande Automobile have arrived on time

this The website previously reported that Evergrande Automobile received a strategic investment of HKD 3889723903 (approximately US$500 million) from Newton Group (Nadaq: NWTN) headquartered in Dubai, UAE. The latter holds approximately 27.50% of the issued shares, meaning that each share The subscription price for the subscription shares is HK$0.6297.

At the same time, Evergrande Automobile and NWTN Group signed a transitional financial support agreement to provide Evergrande Automobile with interest-free and guaranteed transitional funds totaling RMB 600 million in three tranches, Used in the Tianjin factory to ensure the normal production of Hengchi 5 and the mass production of Hengchi 6 and 7. NWTN Group will also assist Evergrande Automobile in exploring overseas markets and export 30,000-50,000 Hengchi vehicles to the Middle East market every year.

It is understood that Evergrande Automobile will suffer a loss of 27.664 billion yuan in 2022. As of December 31, 2022, the

group's cumulative losses and shareholder losses were 98.906 billion yuan and 68.651 billion yuan respectively. Cash and cash equivalents as of December 31, 2022 were $220 million.

In 2021, the group incurred a loss of 56.344 billion yuan (7.665 billion yuan in 2020). As of December 31, 2021, the group's cumulative losses and shareholder losses were 71.241 billion yuan (12.997 billion yuan in 2020) and 39.339 billion yuan (5.839 billion yuan in 2020) respectively. As of December 31, 2021, the group's cash and cash equivalents were 2.453 billion yuan (10.476 billion yuan in 2020)

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